Pagano Widow Seeks Bankruptcy

CHICAGO (WBBM) – The widow of the top Metra executive who killed himself earlier this year is seeking bankruptcy protection.

Barbara Pagano, 54, claims in the bankruptcy filing that she’s more than a million dollars in debt, that her late husband, Metra chief Phil Pagano, left her without any cash or savings despite his $270,000 a year salary.

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The Chicago Tribune reports Pagano is fighting to keep the proceeds from her husband’s $500,000 life insurance policy.

According to the documents, the Paganos bought their Crystal Lake home in 1989 for $177,000 but, through repeated refinancing, Barbara Pagano now owes $765,000 and the home is only valued now at less than $350,000.

Phil Pagano stepped in front of a Metra train in May, soon before Metra was about to fire him over alleged financial wrongdoing.

  • larry

    There’s a lot more to this story that isn’t being told. Aren’t there any investigative reporters at CBS ??

  • FR

    Talk about greed. You reporters must keep reporting on this case and keep reporting the name of the bankruptcy judge. This fraudulent bankruptcy must not be allowed to go through.

  • Court Papers Show Metra Chief Was Supporting 3 Housholds « CBS Chicago – News, Sports, Weather, Traffic, and the Best of Chicago

    […] The Tribune reported last week that Barbara Pagano is fighting to keep the proceeds from her husband… […]

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